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INVESTMENT STRATEGIES

Investment Strategy Update Calls

Investment Update: Total Return

20th October 2020   Stéphane Decrauzat, the lead portfolio manager of the Total Return strategy, discussed the advantages of an actively managed and unconstrained investment approach in today’s market environment. Some of the key points discussed are:
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1)Total Return means the combination of several sources of return that complements coupon income, and it’s not to be confused with absolute return or long-short strategies
2)This year the fund suffered a draw-down during the COVID-19 sell-off that was relatively mild compared to other bond strategies. After a fast recovery, we have been able to deliver a net return of 5% year-to-date (institutional share class; I USD acc)
3)The performance achieved so far this year shows the value of our global and unconstrained approach, which benefits from a well-diversified and balanced sources of return
4)Our objective is to continue delivering added value of around 2.5% in excess of the portfolio carry
Listen to the playback of the conference calls below to learn more:

Investment Update: All China Equities

19th October 2020   In 2020 China is the only major economy expected to show positive growth. While Chinese equity indices are already at the top of the global performance league table for the year, the JSS Equity - All China Fund still managed to significantly outperform the market.
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Frederic Ganner, Investment Specialist for the JSS Equity - All China Fund, gives an overview of the fund's strategy and discusses:
1. The Chinese economy in global comparison
2. Key investment trends for Chinese equity markets
3. Positioning, performance and outlook for the fund.
Listen to the playback of the conference calls below to learn more:

Investment Update: Swiss Small Mid Caps (For Swiss clients only)

19th October 2020   Christoph Lang, portfolio manager of JSS Sustainable Equity –Small and Mid-Caps Switzerland, gave an update on the Fund and the market environment.
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Key takeaways include:
1. The strategy* celebrated its 5 years anniversary (*SAST vehicle)
2. Since inception, the strategy* has delivered 28.4% of outperformance over the SPI Extra, equal to 3.5% alpha per annum
3. Stock selection was the main driver to performance in 2020
4. We remain committed to our concentrated portfolio of 26 holdings and strong sustainability approach
Listen to the playback of the conference calls below to learn more:

Investment Update: Total Return and Sustainable Equity Global Thematic

8th October 2020   In today’s call we discussed two strategies.
1. About Total Return
Total Return for us means the combination of several sources of return, such as active management of yield curves, duration and credit, in addition to coupon income. The strategy is globally diversified and not constrained by a benchmark. During these challenging and volatile times the strategy has proven to be resilient thanks to its quality and liquidity bias. Stephane Decrauzat, head of Total Return Global, discussed portfolio performance and positioning, market conditions and the outlook for the strategy.
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2. About Sustainable Equity Global Thematic
Erik Mermet, Product Specialst at Sarasin & Partners has also given an update on the JSS Sustainable Equity – Global Thematic (SEGT) fund:
Key points include:
1. The global economy and markets have experienced a roller coaster ride this year – from unprecedented collapse not seen over the last 50 years to gradual recovery.
2. SEGT has been able to successfully navigate through these difficult times. The relative outperformance year to date has been outstanding well ahead of the MSCI World, and it also outperforms on a 1, 3 and 5 year basis.
3. The AUM of the fund has now crossed the USD 1 billion mark.
4. The pandemic has changed the ways in which we consume and how the companies operate – the question is what behaviours will last and how we are positioned to face the world with and after the pandemic.
Listen to the playback of the conference calls below to learn more:

Investment Update: Senior Loans

30th September 2020   In the wake of COVID-19 financial markets are experiencing a yield environment in which rates are again lower for longer.
Thus, clients need fixed income alternatives that can provide returns with reasonably low volatility, which puts Senior Loans back at the center of many clients’ investment considerations.
In this update call Stan Sokolowski, portfolio manager of the JSS Senior Loan Fund, highlights the following points:
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1. Floating rate loans can perform well in a continuing low-yield world
2. There is no benefit in taking duration risk during a zero-interest rate environment
3. Price, spread and yield of the JSS Senior Loan Fund remain at attractive levels
4. During times of increased dispersion, it is important to consider issuer and sector risk profiles and manager skill
5. The JSS Senior Loan Fund is an alternative fixed income solution providing attractive yields at reasonable volatility
Listen to the playback of the conference calls below to learn more:

Investment Update: JSS Sustainable Bond EUR

28th September 2020   All investors see the low yield environment as the biggest challenge in bond investing. But the elephant is the room is the fact that the riskiness of the market is increasing.
Florian Weber, the lead portfolio manager of the JSS Sustainable Bond EUR, discussed today why the strategy is the right solution for today’s challenging environment. Here are the key points:
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1. The strategy invests in the Euro broad market, with a dynamic allocation between sovereigns and corporates
2. The fund benefits from the stability of sovereign bonds, and the tactical allocation to attractive corporate bonds when opportunities arise
3. Coupon income is complemented with added value via the active management of the yield curve and credit
4. Outstanding track record of outperforming the benchmark and peers (top quartile in the Morningstar category; 5-star Morningstar rating; winner of the Mountain View award in the category Bond Funds Sustainability)
Listen to the playback of the conference calls below to learn more:

Investment Update: Sarasin Sustainable Properties –– European Cities

24th September 2020   Nicolas Hartel, Portfolio Manager and Alex Gratsias, Sustainable Research Analyst gave an update on Sarasin Sustainable Properties - European Cities.
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Listen to the playback of the conference calls below to learn more:
In English
In German

Investment Update: Multi-Asset Institutional Mandates and Funds

17th September 2020   Serge Alarcon (Head Multi-Asset Institutional), Dennis Bützer (Portfolio Manager) and Andreas Frieden (Product Specialist) gave an update on the balanced strategies.
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The conference call covers the following topics:
1. Investment process
2. Transactions in 2020 and YTD-performance
3. Economic outlook and current positioning
Listen to the playback of the conference calls below to learn more:
JSS Multi-Asset Institutional Mandates and Funds in French, with Serge Alarcon
JSS Multi-Asset Institutional Mandates and Funds EUR in German with Dennis Bützer
JSS Multi-Asset Institutional Mandates and Funds CHF in German with Andreas Frieden

Investment Update: Sustainable Equity Future Health

16th September 2020   Terence McManus, the portfolio manager of JSS Sustainable Equity – Future Health gave an update on the fund and the market environment.
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Key takeaways include:
1. We continue to focus on the broader health theme to capture thematic investment opportunities
2. Year-to-date performance stands at +16.2% (Y USD share class) as of 31.08.2020, outperforming the majority of peer funds and benchmarks, placing the Fund in the first quartile of its Morningstar Peer Group
3. Our strong stock selection and growth tilt were the main drivers of performance
4. The Fund crossed USD 200m in assets under management, confirming strong interest from investors
Listen to the playback of the conference call below to learn more.

Investment Update: Sustainable Equity Global Thematic

9th September 2020   Giles Money, the portfolio manager of JSS Sustainable Equity – Global Thematic (SEGT) has given an update on the fund and the markets:
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Key points include:
1. The global economy and markets have experienced a roller coaster ride this year – from unprecedented collapse not seen over the last 50 years to gradual recovery.
2. SEGT has been able to successfully navigate through these difficult times. The relative outperformance year to date has been outstanding with over 9% ahead of the MSCI World, and it also outperforms on a 1, 3 and 5 year basis.
3. With AUM of USD 955 million / EUR 802 Mio we are slowly approaching the 1 billion mark.
4. The pandemic has changed the ways in which we consume and how the companies operate – the question is what behaviours will last and how we are positioned to face the world with and after the pandemic.
Listen to the playback of the conference call below to learn more.
In English (with Giles Money, Portfolio Manager)
In German (with Nevena Schaller, Investment Specialist):
Download the presentation (For Institutional Clients only)

Investment Update: SaraSelect (For Swiss Clients Only)

26th August 2020   Marc Possa, portfolio manager of SaraSelect has given an update on the fund and the markets in German and French.

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Key points include:
1. Despite a challenging market environment SaraSelect continues to strongly outperform: YTD per 21.8. the fund is at +16.0% which is +13.0% ahead of the benchmark SPI Small & Mid Cap Index.  The annualised 10-year performance stands at 11.8%.
2. The focus of the fund is on Swiss quality companies that are market leaders in their respective niches.
3. The fund invests primarily in Business to Business models (B2B), instead of B2C (business to consumer) which suffered more due to COVID-19
4. The portfolio manager expects structural trends to stay intact mid-term which benefits its portfolio companies
Listen to the playback of the conference call below to learn more.
In German:
In French:

Investment Update: Tech Disruptors

7th July 2020   Tomasz Godziek portfolio manager of our JSS Sustainable Equity - Tech Disruptors strategy, gives an update on the market environment and the fund’s positioning. To learn more, listen to the audio recording below.
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Key takeaways include:
1. The Fund continues to significantly outperform the majority of peer funds and market indices thanks to our strong stock selection and balanced portfolio construction
2. We continue to favor companies characterized by unique technologies, high barriers to entry and with scalable business models
3. Our tactical increase of small/mid-caps contributed to the strong performance rebound
4. Active portfolio management will bring value to clients as the post-COVID-19 world will be increasingly more complex and navigating through it will require specialized expertise
To learn more about our view, listen to the playback of the conference call below.

Investment Update: Sustainable Global High Yield

24th June 2020   Roland Müller, the lead portfolio manager of the Sustainable High Yield bonds strategy, discussed the state of the global bonds market and why high yield bonds are a smart solution in today’s market environment, especially when integrating our Sustainable Investing approach into the investment process. Please listen to the audio recording if you didn’t have the time to participate in the call..
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Key takeaways include:
1. The unprecedented rescue & stimulus packages announced by policy makers and central bankers (QE = Quantitative Eternity) combined with slow economic growth means lower rates for longer. The Low Yield Environment lives on!
2. Nevertheless, the economic environment is fragile, and there is the threat of a wave of defaults or credit losses. Investors need to be active and selective.
3. Sustainability is an effective risk mitigation tool and helps in selecting the better credits.
4. Sustainable issuers tend to default less frequently, and our strategy also tends to outperform when the global high yield market has weekly negative returns.
To learn more about our view, listen to the playback of the conference call below.

Investment Update: Senior Loans

17th June 2020   Stan Sokolowski, co-CIO of CIFC, and portfolio manager of our Senior Loan Strategy, gives an update on the market environment and the strategy’s positioning. To learn more, listen to the audio recordi
ng below.
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Key takeaways include:
1. Senior loan spreads still provide attractive risk-adjusted returns after the market rebound.
2. Market dispersion has increased along several lines (virus exposure, oil, low quality, small size, overleveraged) and creates opportunities for active managers.
3. The strategy continues to perform very well while maintaining a defensive positioning with a focus on high quality issues.
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: Total Return

11th June 2020   Total Return for us means the combination of several sources of return, such as active management of yield curves, duration and credit, in addition to coupon income. The strategy is globally diversified and not constrained by a benchmark. During these challenging and volatile times the strategy has proven to be resilient thanks to its quality and liquidity bias. Stephane Decrauzat, head of Total Return Global, discussed the positioning, market conditions and the outlook for the strategy.
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Key takeaways include:
1. Despite a major stress test in March, the portfolio proved to be resilient and recovered quickly in April-May to return a positive +2.7% year-to-date (I share class in USD)
2. Very compelling risk & return proposition, performance ranked in the top quartile of the Morningstar category since inception
3. Reweighting of investment themes to capitalise on attractive opportunities arising (e.g., Digitalisation, Diversified Energy, LatAm Exporters)
To learn more about our view, listen to the playback of the conference call below.
In English:
In French:
   

Investment Update: Sustainable Bond EUR

9th June 2020   Despite the rapid recovery rally and unexpectedly strong US jobs report last week, it is extremely difficult to determine the direction the economy is taking. As economies are re-opening it seems like the COVID-19 crisis is fading, but there are several events threatening the global economy and thus the financial markets. With this in mind, Dr. Florian Weber discussed the reasons why the JSS Sustainable Bond EUR is a smart solution for today’s uncertain environment.
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Key takeaways include:
1.The fund invests exclusively in sustainable issuers. This serves as an effective risk mitigation tool and also helps in selecting better enterprises, with better governance, and more sustainable & viable business models
2.The strategy has a dynamic allocation between sovereign bonds and corporate bonds. This brings valuable stability to the portfolio when needed, but also allows us to capture attractive opportunities in corporate credit
3.5-star Morningstar rating, with long and proven track record of outperforming the benchmark
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: All China Equities

27th May 2020   The JSS Equity - All China fund, was launched in December of last year as the first UCITS equity fund managed by a mainland Chinese asset manager, ChinaAMC. The fund has had a successful start reaching over USD 110 million in AuM and outperforming the market. In light of the recent developments around the globe and in China, Frederic Ganner, Investment Specialist for the JSS Equity – All China, provides an update on the fund.
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Key takeaways include:
1. China has weathered the Covid-19 epidemic and economic activity is recovering
2. The portfolio manager is focusing on domestic demand-driven companies and favors consumer, technology and healthcare names
3. The fund has outperformed the market significantly due to positive contributions from high conviction positions
To learn more about our view, listen to the playback of the conference call below.

   

Investment Update: Quant Portfolio Global

13th May 2020   The JSS Quant Portfolio Global (EUR) is a quantitative strategy whose goal is to perform well in rising markets and protect on the downside when markets fall. Especially in the current market environment of unclear directionality and high volatility, investors highly prize such characteristics of an investment strategy. In this call portfolio manager Wilhelm Schäfer gives an in-depth explanation of the fund’s new strategy and illustrates how it performed since it went live in October 2019.
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Key takeaways:
1. The underlying philosophy of the strategy is that by focusing on loss prevention the strategy matches investor needs (loss aversion) and makes investment sense
2. The strategy’s three quantitative models are independent with very low correlation to each other, providing for return opportunities in a variety of market environments.
3. The new strategy of the fund has worked exactly as expected during the recent crisis, outperforming risk markets by a wide margin.
To learn more about our view, listen to the playback of the conference call below.

   

Investment Update: SaraSelect (For Swiss Clients Only)

12th May 2020   Marc Possa, portfolio manager of SaraSelect Fund has given an update on the fund and the markets in German and French. Key points include:
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1. The fund has faced a very challenging market environment since the beginning of the year (performance YTD per 8 May -5.78%) but was able to significantly outperform its benchmark by +7.15% due to its quality bias and focus on market leading companies in their respective niches.
2. The fund invests primarily in Business to Business models (B2B), instead of B2C (business to consumer) which suffered more due to the Corona crisis
3. The manager expects some sort of V-shape recovery and believes that structural trends will re-emerge, as soon as the dust settles.
To learn more about our view, listen to the playback of the conference call below.
In German:
In French:

   

Investment Update: Sarasin Sustainable Properties

7th May 2020
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In English:
In German:

   

Investment Update: Sustainable Equity Future Health

6th May 2020   Following the recent launch of our JSS Sustainable Equity – Future Health Fund and recent market developments, Pierin Menzli, Lead Portfolio Manager of the strategy, provided an update on the situation:
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1. The portfolio has successfully proven its resilience and ability to generate returns during the past months, outperforming peers and broader equity markets during major drawdown periods and performing in line with peers during the recovery.
2. We expect the COVID-19 pandemic to accelerate and strengthen the three main drivers of the strategy of demographic shifts, growing health-consciousness among consumers and the development of innovative medical technologies.
3. The strategy captures growth opportunities across health trends, by investing 70-80 % in traditional health care companies and 20-30% in health-related tech, consumer and real estate holdings.
4. We distinguish ourselves from our competitors thanks to our unique investment approach that goes beyond healthcare, our sustainability lens that helps us capture emerging trends and strong team expertise.
To learn more about our view, listen to the playback of the conference call below.
   

Investment Update: Sustainable Equity Global Thematic

30th April 2020   Giles Money, portfolio manager of JSS Sustainable Equity - Global Thematic Fund and Nevena Schaller, Investment Specialist have given an update on the markets and the fund in English and German. Key points include:
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1. Despite very challenging market environment the fund has been able to significantly outperform its reference index MSCI World due to its quality growth focus and investments in companies with strong balance sheets.
2. The fund has increased its exposure to the digitalisation theme. The new reality - working from home and increased online shopping - are both expected to support the theme in the coming months and years.
3. Walt Disney and Keyence have been recently added to the portfolio - both great sustainable thematic companies where we have been waiting for a good entry point.
To learn more about our view, listen to the playback of the conference calls below.
In English:
In German:

   

Investment Update: Commodity Diversified

28th April 2020   Martin Baumgartner, portfolio manager of the JSS Commodity – Diversified fund, has given an update on the markets and the fund. Key points include:

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1.Commodity markets went through unprecedented turbulence during the recent quarter as energy was hit by a double shock of the Covid-19 demand collapse and the supply increase by some producers, which eventually sent WTI prices into negative territory. Precious metals did well through the crisis while industrial metals and agricultural commodites experienced dispersion.
2.The systematic and futures-based approach was challenged as rebalancings increased the weights to energy.
3.In the long-term, the systematic approach has resiliently outperformed and as supply capacities in the energy market are being cut for good, interesting investment opportunities may arise when demand recovers going forward.
To learn more about our views, listen to the playback of the conference call below.

   

Investment Update: Sustainable Global Dividend Strategy (English)

22nd April 2020   Following recent market developments, Jean-Philippe Hechel and Arno Gamboni, portfolio managers of the Sustainable Global Dividend strategy, provided an update on the situation:
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1. Despite a negative performance YTD, the Fund outperformed the benchmark by +1% which was generated during the month of March, when market turbulence was at its highest.  
2. Our long term investment horizon and focus on companies with strong balance sheets, established dividend policies and dividend track record, coupled with our sustainability approach will continue to drive performance.
3. We maintain a natural bias towards more defensive sectors with an overweight in Healthcare and an underweight in Financials and Consumer Staples.
4. We believe that despite the growing demand from authorities to suspend dividend payments, it will have a limited impact on our portfolio thanks to our structural underweight in banks.
To learn more about our views, listen to the playback of the conference call below (in English).

   

Investment Update: Sustainable Global Dividend Strategy (French)

17th April 2020   À la suite des récents développements sur les marchés, Jean-Jacques Barrow, l’un des principaux gestionnaires du portefeuille de la stratégie, fait le point sur la situation:
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1. Malgré une performance négative de -14.06%, nous avons surperformé l’index de référence de +1% (valeur jusqu’au 10 avril)
2. Notre diversification au sein du portefeuille a permis de générer de la performance pendant cette période de crise et nous commençons à identifier les titres qui vont survivre les 6 prochains mois et les années à venir
3. Nous maintenons un biais naturel vers les secteurs plus défensifs avec une surpondération dans le secteur de la santé et une sous-pondération dans le secteur bancaire et biens de consommation
4. Nous estimons que la demande croissante des gouvernements, des banques centrales et des régulateurs à suspendre le paiement de dividendes aura un impact limité sur notre portefeuille.
To learn more about our views, listen to the playback of the conference call below (in French).

  

Investment Update: Sustainable Equity Small & Mid Caps Switzerland

16th April 2020   Christoph Lang, Portfolio Manager provides an update of the Sustainable Equity Swiss Small & Mid Caps strategy. To learn more, listen to the audio recording below.
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1. Despite negative performance since the beginning of the year (-17.5%), we outperform by 1.9% (P CHF Dist as of 06.04.2020) the SPI Extra thanks to our robust stock selection capabilities
2. We took advantage of mispricing that emerged from the market sell-off and invested in companies that are set to benefit from the current lockdown situation
3. Our sustainability integration is a key contributor to idea generation
4. We are confident that our high conviction portfolio (24 stocks), with a tilt to value, small caps and momentum will continue to deliver performance
To learn more about our views, listen to the playback of the conference call below.
Download the Presentation

  

Investment Update: Sustainable Equity Tech Disruptors

8th April 2020   Tomasz Godziek, Portfolio Manager provides an update of the Sustainable Equity Tech Disruptors strategy. To learn more, listen to the audio recording below.
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1. While the technology sector has shown resilience during this time of uncertainty, the Fund significantly outperformed the majority of peer funds and market indices
2. Stay-at-home policy is accelerating shifts in behavior and these will have long-lasting implications on both consumers and corporates
3. The demand for faster internet, cybersecurity solutions, decentralized computing, and more localized supply chains are set to increase rapidly
4. We are confident that our innovative investment approach focused on companies characterized by unique technologies and high barriers to entry will continue to deliver strong performance

  

Investment Update: Sustainable Bond Global High Yield

2nd April 2020   Roland Müller, Senior Portfolio Manager provides an update of the Sustainable Bond Global High Yield strategy. To learn more, listen to the audio recording below.
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1. The coronavirus crisis and the oil price war triggered unprecedented market volatility and a severe sell-off
2. Market credit spreads are pricing in a very extreme scenario in terms of defaults
3. We are more optimistic than the market, and we believe High Yield bonds offer a great opportunity
4. Our Sustainability Investing approach acts as a risk mitigation tool